In the revised Act on Public-Private Partnerships in Infrastructure on Dec. 31, 2000, Korea introduced a system that is designed to reduce traffic forecasting risk by guaranteeing the minimum revenue. Accordingly, large-scale PPP projects for road, railway, airport, environment and logistics infrastructure have been initiated including the option of the Minimum Revenue Guarantee (MRG). The MRG system has been indeed a significant contributor to the promotion of the large-scale Build-Transfer-Operate (BTO) projects, but the system has its own structural problem that the private concessionaire might try to intentionally overestimate the traffic flow. This study is to calculate the economic value of the minimum revenue guarantee in the concession agreement of the ongoing OOO PPP urban railway project. (The rest omitted)